· Management estimates Heritage has mean net risked contingent and prospective resources in Miran West and Miran East of 744 million barrels of oil equivalent (“MMboe”), based on a 75% working interest

· Miran development options being considered with first export production targeted for 2015 using planned regional infrastructure

· Achieved nearly a twelvefold increase in contingent resources from 53 MMbbls to 605 MMboe following the successful testing of hydrocarbons

· Further development work in Russia, production increased 65% in 2010

2010 Financial Highlights

· Completed the disposal of interests in Block 3A and Block 1, Uganda, (the “Ugandan Assets”) for which Tullow Uganda Limited (“Tullow”) paid a cash consideration of $1.45 billion, including $100 million for a contractual settlement, and Heritage received and retained $1.045 billion